Stick to the fax? Isda seeks to revamp close-out notice methods

Plans to update termination notice provisions still won’t quite pull the plug on use of fax machines

Risk.net montage

As a derivatives lawyer might tell you: you can’t argue with the fax. And while you’d be forgiven for thinking the days of dial-up technology were over, for some, the trusty fax machine is still a critical part of terminating a derivatives contract.

Under the Isda master agreement – the industry-standard contract from the International Swaps and Derivatives Association – closing out a contract